Is 2016 the year to take the plunge and buy a new house?
If it is, figures from the National Association of Estate Agents (NAEA) suggest that you won’t be alone!
In their Housing Market report in November, member agents were reporting a 20% increase in the number of registered buyers compared to October with a whopping 403 people per branch looking for a new home to buy. The bad news for buyers is that the shortage of supply is getting more acute, so bagging a bargain is getting tougher and tougher. Reason enough to start looking now maybe?
A recent report from the Centre for Economics and Business Research (CEBR) predicts that house prices could rise by as much as 50% by 2025 unless drastic action is taken. Recently announced incentives by the Government to encourage house-building may make a small difference, but there is widespread comment from within the housing industry that the measures are nowhere near enough to stop the housing shortage.
In Nottingham, the market is quite varied - in some areas, property is selling like hot cakes, in others, things are a little slower. One thing that is definitely happening however is that on the whole prices are starting to rise, and confidence is coming back. Even property that a few years ago, would have been sat on Rightmove for months, is being snapped-up. The good news for First Time Buyers is that mortgages are freely available, and at £130,000, average house prices in Nottingham are well below the national average of £193,000.
2016 promises to be an interesting year for property, with stamp duty changes putting off some landlords from buying, there could be some good opportunities for First Time Buyers to jump into the market. With employment growing, and businesses looking to expand and recruit, we’re predicting a busier year than 2015, so if you’re thinking of making a move this year, you might want to make a start sooner rather than later….